Bullish Exchange files for IPO, raising $629 million

The cryptocurrency exchange Bullish, backed by billionaire Peter Thiel, has officially filed an F-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (#IPO ). The company aims to raise up to $629 million and is valued between $3.8 billion and $4.2 billion.

Vision and Goals

According to CEO Tom Farley, #bullish the decision for this IPO is based on the belief that the digital asset industry is entering its next growth phase. Becoming a public company will help Bullish enhance its credibility with partners, regulators, access capital more easily, and have a "stock currency" to execute strategic acquisitions.

This is Bullish's second IPO attempt, following the cancellation of its SPAC merger plan in 2022 due to "unfavorable market conditions." This time, the company is leveraging the crypto-friendly policy environment of the Trump administration to pursue its goals.

Performance and Growth Strategy

Bullish, which owns news outlet #CoinDesk , aims to expand its information services, operational territory, and products, especially options trading. In the first quarter of 2025, the trading volume of this exchange increased by 78% compared to the same period in 2024. With many other exchanges like OKX, Kraken, and Gemini also moving towards IPOs, Bullish is participating in a major industry trend, focusing on transparency and regulatory compliance.